After April’s consumer price index (CPI) report was published, a number of American economists and bureaucrats said that inflation had peaked and it was possible that inflation would subside. However, statistics from the U.S. Labor Department indicate the CPI increased 8.6% from a year earlier, as the month of May’s inflation data reached another lifetime high.
CPI Data From May Shows Inflation Has Not Peaked
The U.S. economy doesn’t look so hot these days and after shutting down the economy over a respiratory virus and printing trillions of dollars in stimulus, it seems these ideas were huge mistakes. Inflation is the general increase in the cost of goods and services, and currencies like the U.S. dollar can’t buy as many goods and services as they could when inflation was lower. Reports show that nearly everything in the supermarkets now has a higher cost and the prices of things like rent, gasoline, cars, and housing have skyrocketed. Prices of goods and services continued to rise even though politicians told the public inflation would be “transitory.”
Maybe creating the Fed was the original policy error. pic.twitter.com/6SRYSLQCPy
— Sven Henrich (@NorthmanTrader) June 11, 2022
When April’s CPI data was published, some people even claimed that inflation had “peaked,” but the latest CPI data from May shows this claim did not come to fruition. U.S. inflation data from the Labor Department’s metrics indicate that last month’s CPI hit a 40-year high at 8.6%. Inflation has been so bad in the U.S. that the stimulus checks, expanded child-tax credits, extended unemployment benefits, and even the slight rise in wages have been erased by the rising costs of goods and services.
Inflation is NOT transitory. Inflation is NOT caused by Putin. Prices will stay high and increase further. Inflation is always and everywhere a monetary phenomenon. Inflation is caused by central banks debasing currency (money printing). Inflation is why Satoshi created #bitcoin pic.twitter.com/4aFQ68OVUB
— PlanB (@100trillionUSD) June 11, 2022
The Labor Department’s metrics show that rising food, gas, and energy prices have pushed the CPI data higher and shelter costs were one of the largest contributors to last month’s inflation data hike. So while a slight rise in wages has taken place for some U.S. workers, real wages dropped 0.6% from April. Economists who noted that April’s data was ‘peak inflation’ are starting to notice that the…
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